Mon, 16 January 2017
Probably the most intimidating thing about sourcing products for private label sales from an overseas supplier is the issue of shipping. There are all kinds of issues that you have to be aware of including export licenses, taxes, when ownership of the products transfers to you (thus in indicating your liability), customs fees, and more. You can walk that path yourself or you can have someone help you. Scott definitely advises the later. Find out how it works on this great episode where Scott is chatting with Ryan Peterson, of Flexport.
How Ryan started thinking about creating a freight forwarding company.
It’s often the pain we experience ourselves that prompts us, entrepreneurs, to build something to solve that problem. That’s how it was for today’s guest, Ryan Peterson. Ryan had experienced some issues with his supplier and the sea shipping options that not only cost him a lot of money through fees and delays but also didn’t allow him to keep his products in stock as easily as he expected. He’d already worked in the overseas markets and figured he might be the guy to figure out some better systems to make things happen smoothly for others. Flexport is his solution. Find out more about Ryan and the Flexport story on this episode of The Amazing Seller.
Product shipping issues can trip up your sales pipeline in a number of ways.
One of the many problems Ryan Peterson ran into that caused him to build the Flexport solution for purchasers of overseas products was regarding timing. What he discovered was that everything had to legally be done in a certain sequence. If it wasn’t, and his product was shipped before a certain requirement was met, the shipping company would charge him daily fees for having his products “stored” at their facility. It’s just one example of the kinds of headaches it can be to ship by sea. But there are answers and Ryan has built the solution, which you can hear about on this episode of The Amazing Seller.
When it comes to dealing with overseas shipping, make sure you understand the terms.
There are all kinds of acronyms and terms used in the sea shipping and freight forwarding that can get you confused. And if you choose the wrong options, thinking they are the right option (which is not entirely unheard of) you can wind up paying lots of money in the form of customs fees and taxes that you really didn’t have to pay. So how do you navigate a field of landmines like that? You need someone to guide you - and on this episode of the podcast, Scott has just the guy - Ryan Peterson of Flexport.
How are you going to deal with your freight issues for private label products?
If you’re sourcing your products from overseas - China in particular - you are going to have to decide how you are going to handle your shipping issues. You can do it yourself. It’s possible, but you have to know what you’re doing. Or you can hire a company to be the go-between and the one to ensure all steps are being followed properly. To help you make that decision Scott’s brought on an expert from the freight forwarding industry to help you understand the pros and cons of each option - and hopefully to make a good decision for your situation.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
RESOURCES MENTIONED IN THIS EPISODE